Grab Taxi secures $350 million funds from leading PE investors like Tiger Global, China Investment Corporation, Coatue Management, and SoftBank. The company is an automated location-based Smartphone taxi booking and dispatch platform in South East Asia. They claim that with advanced technology the supply and demand side of the taxi business are matched.
The company aims to streamline taxi business, making it safer and more efficient means of transport. They believe their product is positioned to capture these opportunities, due to superior technology which is cost-effective and functional than its alternatives. Better understanding of founding team member with the other players in the industry. Acknowledged by other leading taxi fleet operators like Comfort, Supercab, 24/7 Taxi, Uber, and others.
This is biggest ever fund-raising from Grab Taxi till now, making it one of the best-funded startups in the history of South East Asia. The company was launched in 2012 and has a presence in 26 cities across six countries that include Malaysia, Singapore, Indonesia, Thailand, Vietnam and the Philippines. Grab Taxi has 110,000+ drivers on their roles, they process 11 bookings each second and its app download has crossed 61 million. Apart from taxi services they offer private cars and motorbikes thru their booking app.
Grab Taxi was founded in 2011 by Harvard Business School grads Anthony Tan and Tan Hooi Ling. However the official launch of the services was started in 2012 from Malaysia, later the services were rolled out in the Philippines in August 2013 subsequently Grab Taxi launched their services in Singapore and Thailand in October 2013. In 2014, they launched their services in Ho Chi Minh City in Vietnam.
Grab Taxi launched their other services Grab Bike in the capital of Vietnam, Ho Chi Minh in November 2014 on a trial basis. The company launched GrabCar services in Singapore and Malaysia in May 2014, this services is an alternative form of transportation services where transportation will be done through a licensed partner to address lack of public transportation during peak hours. GrabCar services now available in Malaysia, Singapore, Thailand and the Philippines.
The company rely on big data analytics where it zeroes in supply and demand by allowing customers to locate cabs near them in the shortest period of time after the key in their search. Another important feature in their app is of tipping the drivers by the customers who require the cabs on an urgent basis like Malaysia, Vietnam, Thailand and the Philippines.
Grab Taxi generates revenue through monetization, once the driver signs with the company, he will be $10 credit from which commissions are deducted. The company will start deducting $0.30 after each successful booking. At the same time, the driver has to top up his account in order to receive more bookings in his kitty. Apart from nominal office and IT infrastructure, Grab Taxi does not have huge expenses to run the offices, however, it is acting as an agent between customers and taxi drivers.
The company has rolled out its services in all types of smartphones either it may iOS or Android. Customers had to do one-time validation after which through GPS assistance the app itself will start providing the feeds about the available taxi services in the range. Customer has to choose FROM and TO option on the app. Customer has an option to choose the language of his preference, the app has English, Thai, Vietnamese, Chinese, Bahasa Malaysia and Bahasa Indonesia.
In January 2015, in order to show gratitude and commitment towards their staff, Grab Taxi created a provident fund of $3.5 million corpus. Drivers can utilize these funds in cases of emergency like hospitalization or medical support. These facility can be availed at Grab Taxi offices with submission of relevant bills.
Grab Taxi partnered with Singapore’s Ministry of Defence to offer subsidized cab rides for six months to full-time army men and regular army men to show its gratitude towards army and allied forces. A large population of 70,000 army personnel have availed this benefits. The company has worked with Government of Malaysia’s Public Land Transport Commission when they introduced to enhance efficiency of taxi drivers in Malaysia.
Grab Taxi was founded in 2011 by Anthony Tan, Tan Hooi Lang. Anthony Tan is the Chief Executive Officer of the Grab Taxi. Anthony Tan has graduated in Bachelor of Arts and Honors in Economics and Public Policy from the University of Chicago in 2004. He has Masters of Business Administration from Harvard Business School in 2011.
He worked as Head of Marketing – Tan Chong Sons & Motor in 2012. Anthony worked with the company for 3.2 years and founded Grab Taxi in 2012. He has been supported by a management team headed by Brian Cu and Wei Zhu.
Grab Taxi has secured several rounds of funding, their Series ‘A’ funding – an undisclosed amount was received from Vertex Venture Holdings and 500 Startups in April 2014. Grab Taxi received Series ‘B’ funding of $15 million lead by GGV Capital and Qunar.com with Vertex in May 2014. With short span of 5 months, the company received Series ‘C’ funding of $65 million led by Tiger Global and Hillhouse Capital Group along with existing investors in October 2014.
In December 2014, Grab Taxi received one of the biggest funding of $250 million funded by SoftBank Capital. On 19th August 2015, the company raised Series ‘E’ funding of $350 million from China Investment Corporation, Coatue Management, SoftBank and Tiger Global Management.
Singapore-based Grab Taxi competes with Uber and has opened R & D center in Singapore that works data analytics and identify market trends to drive its growth. The company plans to expand their services and engineering sites in Singapore, Malaysia, and Vietnam. With the latest fund infusion, Grab Taxi will work with China’s largest cab service provider Didi Kuaidi (one of the investor in Grab Taxi) where the company will leverage expertise of each other, in fact Didi is the leading ride sharing service provider in China, they operate in 360 cities and processes more than 3 million taxi rides and 3 million private car rides in a day.